Jito Foundation, a crypto protocol that supports the Solana blockchain raised $50 million in a private token sale led by Andreessen Horowitz’s crypto a16z, it announced in a press release on Thursday.
The funding will support the foundation’s efforts to scale the Jito network infrastructure, expand its development tools, and continue to develop liquid staking solutions tailored to Solana’s architecture.
JITO rose about 4% following this news, trading at $1.17 at press time.
At the center of Jito’s operations are two main products: a validator client optimized for Solana’s high-speed network and JitoSOL, a liquid staking token with a market cap of over $3.2 billion.
Together, they allow Solana users to earn staking rewards while enabling fast and cost-effective transaction processing.
With the backing of a16z, one of the largest crypto venture capital firms and an early investor in Solana, Jito plans to expand its open source tools, support new developers, and expand globally. The foundation also aims to build on its most recent infrastructure addition: the Block Assembly Marketplace (BAM), launched in September.
“It’s not just about evolving,” Brian Smith, president of the Jito Foundation, said in the release. “It’s about helping everyone on Solana extract more value while making the network more transparent and programmable.”
The funding also comes on the heels of a proposed VanEck JitoSOL ETF filed with the Securities and Exchange Commission in August. If approved, it would give traditional investors regulated exposure to JitoSOL’s staking returns, marking a step toward integrating Solana’s native products into conventional finance.
Ali Yahya, general partner at a16z crypto, said Jito’s role in building foundational tools like BAM puts him in a strong position to lead Solana’s next wave of growth. “Jito catalyzes the growth of the entire Solana ecosystem,” he said.
